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Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2014

The Company's acquisition and divestiture activities are summarized below:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in millions)
Acquisitions:
Purchase price	$	593.0	$	—	$	718.3	$	83.4
Net cash paid	$	593.0	$	—	$	711.8	$	37.2
Goodwill recorded	$	376.7	$	—	$	463.9	$	9.5

Divestitures:
Proceeds	$	—	$	—	$	—	$	35.6
Gain recognized	$	—	$	—	$	—	$	12.5
Goodwill charged off	$	—	$	—	$	—	$	4.8

Preliminary purchase price allocation

The following table represents our preliminary purchase price allocation:



	September 30, 2014
	(in millions)
Accounts receivable	$	29.4
Inventories	37.8
Property, plant, and equipment	72.1
Goodwill	378.4
Other assets	102.4
Accounts payable	(15.4		)
Accrued liabilities	(11.7		)
Total net assets acquired	$	593.0

Intangibles arising from the Meyer acquisition

Based on our preliminary valuation, other assets include intangibles arising from the Meyer acquisition as follows:



	Preliminary estimated fair value		Weighted average useful life
	(in millions)
Customer relationships	$	62.6	15.3 years
Trademarks/trade names	34.1		Indefinite
Technology	5.6		5.0 years
	$	102.3

Operating results of current year acquisitions

The operating results of our 2014 acquisitions, as summarized in the following table, are included in the Consolidated Statements of Operations from their date of acquisition, exclude transaction-related acquisition costs that are included in the Corporate segment, and include additional amortization expense resulting from the preliminary purchase price allocation:



	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
	(in millions)
Revenues	$	65.0	$	97.8
Operating profit	$	2.2	$	3.7

Unaudited pro-forma consolidated operating results

The following table represents the pro-forma consolidated operating results of the Company as if our 2014 acquisitions had been acquired on January 1, 2013. The pro-forma information should not be considered indicative of the results that would have occurred if the acquisitions had been completed on January 1, 2013, nor is such pro-forma information necessarily indicative of future results.



	Nine Months Ended September 30, 2014		Year Ended December 31, 2013
	(in millions)
Revenues	$	4,708.4	$	4,830.8
Operating profit	$	995.2	$	834.7

Condensed results of operations for the ready-mix concrete operations

Condensed results of operations for the ready-mix concrete operations for the three and nine months ended September 30, 2014 and 2013 are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in millions)
Revenues	$	—	$	—	$	—	$	31.6

Income (loss) from discontinued operations before income taxes	$	0.8	$	0.4	$	0.1	$	(1.9	)
Income tax provision (benefit)	0.2		0.1		—		(0.7		)
Net income (loss) from discontinued operations	$	0.6	$	0.3	$	0.1	$	(1.2	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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